Wood Coating Market

Market Definition:

The Wood Coating Market size was valued at USD 9.2 billion in 2021 and is expected to reach USD 14.89 billion by 2030 with a CAGR of 5.5% from 2022-2030.

Wood coatings belong to coatings and paints family that are used for finishing the wood products. They are used to improve the appearance of the substrate by using various techniques such as brushing, rolling, dipping, and spraying. Moreover, the use of wood coating helps in increasing the product life and also enhances the visual cues of wooden object by providing extra protection against environmental stress. These coats are also applied to garden and street furniture to provide protection for wood against ultraviolet degradation and simple erosion.

Market Dynamics and Trends:

The demand for wood coating is increasing due to rise in urbanized population along with increased purchasing power that enables customers to buy designer furniture such as beds, sofas, and shelves.

Also, factors such as increase in new construction buildings, renovations as well as remodeling, and rising demand for wooden flooring, fences, and decks by the residential complexes are expected to propel the growth of the market during the forecast period. Moreover, owing to the rapid growth in service sector, a huge proportion of the population has been relocating to new locations which in turn is driving the trend of official premises, hostels, co-living, and guest houses, thereby driving the growth of global wood coatings market.

However, rising environmental concerns, volatile raw material prices, and disposing of chemically treated wooden products are expected to restrain the growth of market during the forecast period. On the other hand, growing demand from luxury car users to have wooden finishing element as a status symbol and increasing demand for low VOC coatings in aerospace sectors are expected to create lucrative growth opportunities for the wood coating market players in future.

Market Segmentations and Scope of the Study:

The wood coating market size has been segmented based on resin type, technology, end-use industry, and geography. Based on the product type, the industry is classified into polyurethane, nitrocellulose, acrylic, unsaturated polyester, and others. Based on the technology, the industry is divided into waterborne, conventional solid solvent borne, high solid solvent borne, powder coating, radiation cured, and others. Based on end use, the market is classified into furniture, joinery, cabinets, siding, flooring, and others. The geography breakdown and analysis of each of the aforesaid segments includes regions comprising of North America, Europe, Asia-Pacific, and ROW.

Geographical Analysis:

Asia-Pacific holds the lion share of global wood coating market and is expected to continue dominating the market during the forecast period. This is attributed to factors such as increasing investment in the residential as well as commercial sector and government initiatives for construction of houses in countries such as India and China. For instance, in February 2022, the Government of India announced the reformation of The Pradhan Mantri Awas Yojana (PMAY).  This announcement was done to provide affordable housing for urban poor by the end of 2022. Also, improvement in standard of living in countries such as India, Japan and China are fueling the demand for modern furniture that in turn is expected to fuel the demand for wood coatings. Moreover, China is the largest furniture sector across Asia thereby increasing the domestic demand for furniture across Asia. In addition, China exports furniture to different countries of the world that in turn increases the demand for wood coatings market in this region.

Moreover, Europe is expected to show a steady rise in the wood coating market due to increase in disposable income of consumers and growing popularity of furniture with multiple colors along with rising demand for outdoor furniture in this region. Also, increase in requirement for home décor items and updated interiors is expected to boost the wood coating market in this region.

Competitive Landscape:

The market comprises of various players such as RPM International Inc., Jotun, Hempel A/S, Sherwin-Williams Company, Arkema SA, AkzoNobel NV, Teknos Group, Axalta Coating Systems, PPG Industries, and BASF SE.

These manufacturers are actively indulging in R&D initiatives, product & technology innovations, and industrial collaborations to enhance their product and increase their growth as well as geographical reach.

For instance, in March 2021, Axalta Coating Systems launched Imron Industrial 2100 HG-C polyurethane high-gloss clear coat for wood which melts quickly and flows smoothly making damaged areas easy to repair.

Also, in June 2021, PPG Industries, Inc. acquired Tikkurila, a producer of industrial wood and protective coatings. This acquisition will help PPG to enhance company’s wood coatings business and product solutions for new segments as well as customers.

KEY BENEFITS:

• The wood coating market report provides the quantitative analysis of the current market and estimations through 2022-2030 that assists in identifying the prevailing market opportunities to capitalize on.

• The study comprises a deep dive analysis of the wood coating market trend including the current and future trends for depicting the prevalent investment pockets in the market.

• The information related to key drivers, restraints and opportunities and their impact on the wood coating market is provided in the report.

• The competitive analysis of the market players along with their market share in the wood coating market.

• The SWOT analysis and Porters Five Forces model is elaborated in the study.

• Value chain analysis in the market study provides a clear picture of the stakeholders’ roles.

KEY MARKET SEGMENTS:

By Resin Type

• Polyurethane

• Nitrocellulose

• Acrylic

• Unsaturated Polyester

• Others

By Technology

• Waterborne

• Conventional Solid Solvent Borne

• High Solid Solvent Borne

• Powder Coating

• Radiation Cured

• Others

By End Use

• Furniture

• Joinery

• Cabinets

• Siding

• Flooring

• Others

By Geography

• North America

  • U.S

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Spain

  • Rest of Europe

• Asia-Pacific

  • China

  • India

  • Japan

  • South Korea

  • Australia

  • Rest of Asia-Pacific

• RoW

  • UAE

  • Saudi Arabia

  • South Africa

  • Brazil

  • Remaining countries

KEY PLAYERS

• RPM International Inc.
• Jotun
• Hempel A/S
• Sherwin-Williams Company
• Arkema SA
• Akzo Nobel NV
• Teknos Group
• Axalta Coating Systems
• PPG Industries
• BASF SE

REPORT SCOPE AND SEGMENTATION:

Parameters	Details
Analysis Period	2021–2030
Base Year Considered	2021
Forecast Period	2022–2030
Market Size Estimation	Billion (USD)
Market Segmentation	By Resin Type (Polyurethane, Nitrocellulose, Acrylic, Unsaturated Polyester, and Others), by Technology (Waterborne, Conventional Solid Solvent Borne, High Solid Solvent Borne, Powder Coating, Radiation Cured, and Others), and by End Use (Furniture, Joinery, Cabinets, Siding, Flooring, and Others)
Geographical Segmentation	North America (U.S., Canada, Mexico) Europe (UK, Germany, France, Switzerland, Russia, Italy, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Australia, Rest of Asia-Pacific), Rest of the World (Latin America, Middle East, Africa)
Companies Profiled	RPM International Inc., Jotun, Hempel A/S, Sherwin-Williams Company, Arkema SA, AkzoNobel NV, Teknos Group, Axalta Coating Systems, PPG Industries, and BASF SE.